The USD/JPY has been trading nicely higher in December, but now it seems that this move is completed after latest sharp drop from around 105.45 and through the channel support line connected from 103.74 swing.

This break suggests that five wave rally up in 5 of 3) is finished and that price is now at early stages of a larger corrective retracement down in wave 4). As such, be aware of more downside or at least sideways price action.